8) Testable signals that cut against the “distraction” thes…

8) Testable signals that cut against the “distraction” thesis
- Continued growth and UX improvements in Lightning/Fedimint/custodial L2s; more real-world commerce using BTC rails.
- Gold strength persists regardless of BTC cycles; central-bank accumulation of gold continues even as BTC adoption grows—implying complementarity, not substitution.
- No credible, redeemable BRICS gold currency emerges; instead, more local-currency settlement and CBDC pilots link up cross-border.